Turkey’s Trade Boom With Russia Stalls Under Weight of Sanctions
- Turkish machinery exporters see $1 billion sales hit this year
- US and EU keep expanding blacklists to curb trade with Moscow
Photographer: Danielle Villasana/Bloomberg
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Turkey’s trade with Russia is stuttering because of Western sanctions, hitting a key supply line for Moscow and one the US and European Union say fuels its war in Ukraine.
Machinery exporters, who benefited most from Turkey’s surging shipments to Russia in 2023, could see sales there fall by $1 billion this year due to “ambiguous” and “rapidly expanding” sanctions lists and a crackdown on items with potential military uses, said Kutlu Karavelioglu, chairman of the 22,000-member Machinery Exporters’ Association.